Home Crypto Crypto Market Analysis Daily Crypto Update 18.06.2018 – Another Low Ahead

Daily Crypto Update 18.06.2018 – Another Low Ahead

1
0

General Overview


Market Cap: $276,643,180,630

24h Vol: $10,182,196,782

BTC Dominance: 40.1%

From yesterday’s open at 281,509,000,000 cryptocurrency market cap has decreased by around 4,5 billion dollars. The evaluation has been hovering around these levels for the most part as you can see from the graph below.

It looks like its forming a plateau as market participants are waiting to see if this is the bottom. Buyers don’t want to come in just yet as prices may decline further, and those who are thinking of selling don’t want to sell if this is the bottom.

Currently, the market is mostly in red, with an average percentage change ranging between 1-3%.


News


There aren’t any significant news items that came out over the weekend that could impact the market neither positively or negatively. Most significant headlines are those regarding technical improvements in particular cryptos and situations in their ecosystem.

Out of those stories that fit into this category the first that stands out is that Bitcoin Core Version 0.16.1 has been launched, according to the post from Linux Foundation

This is a new minor version release, with various bugfixes as well as updated translations.

This Bitcoin Core version removed miner block size recalling the depreciation of the “-blockmaxsize” option for miners to limit their blocks’ sizes in version 0.15.1. It states that miners now should apply “-blockmaxweight” option if they want to limit the weight of their blocks.

Ethereum is going to combine Casper and Sharding upgrades, as reported by cointelegraph.

The key point of the recent meeting is rescheduling the releases of two main Ethereum chain upgrades such as Casper and Sharding. Casper should have been released as a smart contract separately from the sharding upgrade. The new proposals suggest that Casper may be released on a shard, or a sidechain instead.

EOS blockchain is live again after a bug froze the network

The bug is now fixed and the network is up and running.


Analysis


BTC/USD

From yesterday’s opening at 6542$, the price of Bitcoin has decreased by 2.05% as it is currently sitting at 6430$.



As you can see from the hourly chart the price action has formed a symmetrical triangle and it looks like a breakout is soon going to happen. After the price consolidated a bit, it looks like it ready for a move, and I think a move to the downside is more likely to around 6000$, to retest of the lowest points and give potential buyers a better price, as the last low hasn’t triggered significant amount of buying that could push the price upward.


Market sentiment

Hourly chart technicals signal a sell overall.

Oscillators are signalling a buy, and moving averages a strong sell.


Pivot points

S3 6182.3
S2 6330.5
S1 6384.5
P 6478.7
R1 6532.7
R2 6626.9
R3 6775.1


ETH/USD

From yesterday’s high at 507$, the price of Ethereum has decreased by 3% and is now 492,68$.



Looking at the hourly chart we can see that the price action is also forming a triangle like in the case of Bitcoin. The breakout from the downside is more likely as the purple line represents the resistance from the descending channel which held the price strong in the past.


Market sentiment

Hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages on a strong one.


Pivot points

S3 469.31
S2 484.44 
S1 490.76 
P 499.57 
R1 505.89 
R2 514.70 
R3 529.83

LTC/USD

The price of Litecoin has decreased over the last 24 hours by 4.21% – from 97.65$ to 93.66$.



Again we can see a triangle forming as market correlation is strong in the bear market, and judging by the steep angle of the triangle resistance line we can conclude that sellers are more aggressive at the moment, which means the breakout from the downside is more likely.


Market sentiment 

Litecoin is in the sell zone.

Oscillators are on neutral, and moving averages signal a strong sell.


Pivot points

S3 88.024 
S2 91.986 
S1 93.430 
P 95.948 
R1 97.392 
R2 99.910 
R3 103.872

Conclusion


As you have seen consolidative triangles are on all of the cryptos that I have covered in this report, and the breakout is about to happen today. As market sentiment is bearish, technical indicators signal a sell and judging by the steepness of the resistance line from the triangles I conclude that we are in for another low. I am expecting the price of Bitcoin to retest 6000$ level, Litecoin to 85$ and Ethereum to 460$ or less. Overall that would mean another 8% drop in the whole market which would bring the crypto market cap to around 250B which was the prior low.

LEAVE A REPLY

Please enter your comment!
Please enter your name here